Mistakes When Buying Business Insurance
Forbes:
Buying business insurance is tricky stuff. Policies, often 50 pages long, are opaque at best, and the underwriters aren’t exactly motivated to maximize their payouts – and you surely don’t want to fight them on a claim.
‘It’s very expensive even if you win,’ says Scott Britton, an insurance lawyer with Chicago-based Brenner Ford Monroe & Scott. Britton has represented large insurers such as St. Paul Travelers and RLI, as well as the small companies they underwrite.
Most entrepreneurs seek property and liability coverage – in case, say, someone slips and falls in their store or gets hurt using one of their products. Then there’s business-interruption insurance, which covers operating losses if a hurricane reduces your building to rubble. No matter what kind of insurance you’re buying, tread with caution, says Britton. Here are 5 common mistakes:
1. Buying Less Than You Ever Think You’ll Need
2. Avoiding The Hard Work Up Front
3. Not Minding The Attorney Fees
4. Cutting The Runway Short
5. Being Dishonest
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